"As a scholar of the Great Depression, I honestly believe that September and October of 2008 was the worst financial crisis in global history, including the Great Depression," Ben Bernanke said, according to the report of the Financial Crisis Inquiry of the US Congress published in January. Of the 13 most important US financial institutions, "12 were at risk of failure within a period of a week or two", the report quoted Bernanke as saying.
The situation in the UK was just as grave. As in the US
- BoE revamps expenses rules after criticism from MPs
- Draghi warns of downside risks as ECB ends net asset purchases
- Book notes: Macroprudential policy and practice, edited by Paul Mizen, Margarita Rubio and Philip Turner
- Central banks turn to visual communication in 2018
- Five central banks and supervisors join environmental group